The trial period for the paper version of the capital gains tax on UK property return needed for 60-day reporting has been extended until the end of September 2023 to allow more time to determine whether it is meeting customers’ needs. The paper form is available for download from GOV.UK. HMRC says it will continue to review […]
Three in five businesses (61%) are involved in a tax dispute with HMRC which has lasted more than one year. The figures, which come from a survey of more than 500 mid-sized businesses, underline the difficulty that many businesses have in navigating the UK’s complex tax system. The delays also reflect concerns around HMRC’s resources […]
HMRC is increasing interest rates for late payments for most taxes, after the Bank of England’s decision to increase the base rate to 5.25%. From 14 August 2023, the rate for late paid corporation tax quarterly instalment payments is 6.25%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation […]
HMRC has published directions under SI 2003/282 regulations 3 and 10 in relation to claims for research and development. Summary These directions apply in relation to the delivery of: • advance notification to HMRC for R&D claims for accounting periods beginning on or after 1 April 2023 • additional information forms for R&D claims made […]
The tax debt balance at the end of June 2023 was £44.5bn, according to HMRC’s quarterly performance report for the first quarter of 2023-24. This is a reduction from £45.9bn at the end of March 2023 but a 6% increase on the £42bn it stood at in June last year. In the report, HMRC said: […]
The Luxembourg parliament has approved for ratification the double tax convention between Luxembourg and the UK which was signed on 7 June 2022.
The Chartered Institute of Taxation has expressed concerns that HMRC’s efforts to crack down on bogus research and development (R&D) tax relief claims is resulting in legitimate claims by small and medium-sized enterprises (SMEs) being rejected, with the increased bureaucracy leading to ‘a breakdown of goodwill and trust between HMRC and taxpayers and their agents’. […]
INCOME TAX – statutory residence test – taxpayer exceeding 45 days in the UK – whether taxpayer would not have been present at the end of each extra day but for exceptional circumstances beyond her control which prevented her from leaving the UK – HMRC’s appeal allowed
HMRC’s Agent update includes articles on the extension to 5 April 2025 for taxpayers to pay voluntary National Insurance contributions, influencing clients to complete their tax returns now, payment protection insurance R40 claims and overlap relief – preparing for the new basis of assessment.
As of August 1st, 2023, there will be a significant modification to the alcohol duty system. Moving forward, all alcoholic beverages will be taxed based on their alcohol by volume (ABV). This new approach will replace the existing system, which currently imposes four distinct taxes on beer, cider, spirits, wine, and made-wine.
HMRC has announced that nearly 28,000 individuals have utilized the HMRC app to renew their annual tax credits claim. It’s crucial for claimants to take action and renew or update their claim by 31 July to avoid the risk of having their payments stopped.
According to newly released data from HMRC, a substantial amount of £1.13 billion in research and development (R&D) tax relief was mistakenly awarded in 2020-21 due to errors and fraud. This figure accounts for 16.7% of all R&D tax relief payments, which is significantly higher than the previous estimate of 3.6% (£336 million) by HMRC. […]
